Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent Sales of Unregistered Equity Securities
During the period from April 1, 2020 through June 30, 2020, we issued an aggregate of 351 thousand shares of our common stock upon the exercise of stock options under our 2013 Plan at exercise prices ranging from $0.39 to $9.21 per share, for aggregate proceeds of $805 thousand.
On May 27, 2020, we granted an aggregate of 1,215,890 restricted stock unit to officers and employees under our 2013 plan, for aggregate proceeds of $0.
The issuances of the securities described above were deemed to be exempt from registration under the Securities Act, in reliance on Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering, Regulation S of the Securities Act or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions pursuant to compensation benefits plans and contracts relating to compensation.
Use of Proceeds
On August 4, 2020, we completed our initial public offering (IPO), in which we issued and sold 7,877,500 shares of our Series 1 common stock, including 1,027,500 shares of Series 1 common stock that were sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares of Series 1 common stock at $24.00 per share. The IPO resulted in net proceeds of $175.8 million after deducting underwriting discounts and commissions. Existing stockholders sold an additional 2,495,000 shares of Series 1 common stock, including 325,435 shares of Series 1 common stock that were sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares of Series 1 common stock at $24.00 per share. Expected expenses incurred by us for the IPO were approximately $3.9 million and will be recorded against the proceeds received from the IPO. We did not receive any proceeds from the sale of shares by the selling stockholders in the IPO.
68
Table of Contents
There have been no material changes in the planned use of proceeds from our IPO fr om that described in the P rospectus except as set forth in the following sentence. The Series F Dividend was finally calculated to be $12.8 million and was paid on or about August 12, 2020 .
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.